When it comes to matters of estate planning, it won't be long before you're faced with this important question: Who should you name as the executor of your will?This person is legally responsible for caring for any financial obligations after your death. With so many...
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Estate Planning
Things to know about a special needs trust
Generally speaking, a special needs trust is created specifically for the benefit of a mentally ill or disabled beneficiary, such as a child or other loved one.Since this person lacks the ability to manage his or her own finances, a trust is created with the idea that...
What are the details of a durable financial power of attorney?
Many people create a will with the idea that this is the only estate planning document they need. For this reason, they overlook the many benefits associated with a durable financial power of attorney.In short, a durable financial power of attorney is a document with...
An estate plan can mean many things
Most people realize the need to create an estate plan early in life. While some put this off, they eventually come around and take the right steps before it is too late.There are many challenges associated with estate planning, including the fact that this can mean...
Splitting assets unequally can turn children against one another
When doing your estate planning and splitting up assets, it's important to very carefully consider how your decisions can impact the relationships your children have with one another. Unequal division can be problematic.For example, one man had about 200 acres of land...
How putting your home in a will can backfire
You're thinking of leaving the family home to your kids, so you're just going to write it into your will. Easy, right? It may be for you, but this can cause issues with children. If you have a son and a daughter, say, and you leave the home to both of them, you could...
2 Important Estate Planning Tools for Minimizing Taxes
When you've worked for years to ensure that your loved ones are provided for, you don't want your estate or your loved ones saddled with unnecessary taxes.Here are two estate planning tools that can help affluent families in Louisiana minimize taxes and maximize...
Wills offer options for estate planning
People in Louisiana may think that they do not need a will because their estate is simple. In fact, after designating beneficiaries on life insurance policies, some may believe they have protected their assets and provided for their loved ones. However, wills may...
Avoiding passing problems on to your loved ones
One thing people generally don’t want to leave their loved ones when they pass away are unexpected problems. Unfortunately though, that is exactly what a person could end up passing on to their loved ones if they don’t pay close attention to the specific...
Many things have implications in after-death asset distributions
When it comes to the distribution of a person’s estate upon their death, many things can have big impacts beyond just the on-paper value of the assets the beneficiaries ultimately receive.One is whether the deceased did any estate planning prior to their death....